NYU Langone rebounds from Superstorm Sandy
NYU Langone Medical Center is well on the mend from the damage Superstorm Sandy wreaked on its New York City facilities more than a year and a half ago, its latest financials demonstrate.
Revenue, income and volumes surged for NYU Langone in the ninemonth period ended May 31. The academic medical center was reduced to limited operations for several months last year because of the storm’s damage to its facilities in October 2012.
“As the ‘Ghostbusters’ line goes: ‘We’re back,’” NYU Langone Chief Financial Officer Michael Burke said.
The 791-bed medical center opened its new full-service emergency department in April; damages from Sandy forced the original ED to close 18 months earlier. As of May 31, the new ED has had more than 6,700 visits, with 1 in 5 ED patients admitted to NYU Langone’s Tisch Hospital. Although the medical center had several off-site urgent-care centers during the transition period, they couldn’t compensate for the volume of a fullservice ED, Burke said.
In the nine months of fiscal 2014, which began Sept. 1, NYU Langone’s operating surplus almost tripled to $124.3 million. The organization’s total surplus was $107.2 million, compared with a total loss of $24.7 million in the first nine months of fiscal 2013. Revenue soared 15% to $1.67 billion.
NYU Langone Medical Center opened its new ED in April for the first time since Superstorm Sandy.